ATB Capital Cuts MEG Energy (TSE:MEG) Price Target to C$35.00

MEG Energy (TSE:MEG) had its target price decreased by ATB Capital from C$37.00 to C$35.00 in a research report report published on Wednesday morning,BayStreet.CA reports.

MEG has been the topic of a number of other research reports. Royal Bank of Canada lowered their target price on MEG Energy from C$34.00 to C$33.00 in a research report on Wednesday. TD Securities boosted their price target on MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. National Bankshares cut their price objective on MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. Jefferies Financial Group lowered their target price on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a report on Monday, September 16th. Finally, BMO Capital Markets cut their price target on shares of MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, MEG Energy currently has an average rating of “Hold” and an average price target of C$32.45.

MEG Energy Stock Up 0.8 %

MEG Energy stock opened at C$25.20 on Wednesday. The company has a 50 day moving average of C$26.10 and a 200-day moving average of C$27.25. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. MEG Energy has a twelve month low of C$22.79 and a twelve month high of C$33.70. The stock has a market capitalization of C$6.79 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89.

MEG Energy (TSE:MEG) last released its earnings results on Tuesday, November 5th. The company reported C$0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.63 by C($0.01). The firm had revenue of C$1.27 billion for the quarter, compared to the consensus estimate of C$1.33 billion. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. On average, equities research analysts anticipate that MEG Energy will post 2.2734628 EPS for the current fiscal year.

MEG Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 1.59%. MEG Energy’s dividend payout ratio (DPR) is presently 19.05%.

Insider Activity

In other MEG Energy news, Director Michael Mcallister bought 7,400 shares of MEG Energy stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average price of C$25.67 per share, with a total value of C$189,986.86. Also, Director Kimberley Elizabeth Lynch Proctor purchased 3,500 shares of the stock in a transaction that occurred on Thursday, November 28th. The shares were acquired at an average cost of C$25.06 per share, for a total transaction of C$87,713.85. 0.33% of the stock is owned by company insiders.

MEG Energy Company Profile

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in its Christina Lake Project in the southern Athabasca oil region of Alberta, Canada. The company develops oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.